Monday, June 01, 2009
After 101 years in business, once might General Motors has filed for bankruptcy protection. It's stock--once viewed as the bluest of blue chips--is trading under $1 a share. For decades GM was one of the 30 stocks that comprised the Dow Jones Industrial Index, but no more. It was kicked off today, replaced by Cisco.
I fear the worst is yet to come for "Government Motors." The feds own 70 percent of the corporation, the Obama administration's policy on unions is to placate them, and the type of cars Government Motors CEO Barack Obama wants to build could just be a cleaner version of the East German Trabant.
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